Infrastructure

Nigerian petroleum Corporation Invests $2.7b In Dangote Refinery, See Why

Nigerian petroleum Corporation Invests $2.7b In Dangote Refinery, See Why

Oyogist has learned that the Nigerian National Petroleum Corporation (NNPC), has indicated interest in the Dangote refinery project, which would halt the importation of petroleum products into the Country.

According to the NNPC group Managing Director (GMD), Mallam Mele Kyari, once the Dangote refinery, which is under construction in Lagos State, is completed, the importation of petroleum products into the country would be over.

To realise the objective, Kyari said the corporation has invested $2.7 billion in the project as a deliberate measure aimed at having stakes in the refinery.

“Once completed, the refinery will not be under any obligation to buy crude oil from Nigeria but any other country of its choice. So, it is important we invest there, so as to have stakes and a ready market for our crude oil,” he said.

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